The world’s largest electric vehicle-maker, BYD, launched a $233,450 battery-powered supercar that will rival not only Tesla, but also luxury gas-guzzlers sold at the likes of Ferrari and Lamborghini.
Dubbed the Yangwang U9, the high-performance EV will initially be available exclusively in the China market, where BYD is based, the company said during a livestreamed event from Shanghai on Sunday, according to Bloomberg.
The Yangwang U9 — BYD’s most expensive offering yet — can hit 62 miles per hour in 2.36 seconds, a boasts a top speed of roughly 192 miles per hour, Bloomberg reported.
The U9 is the second Yangwang model. The first, the U8 — which goes for $150,000 — started getting delivered in late November.
As of the end of January, the company has delivered 3,653 units of the U8, an electric luxury SUV that can rev up to 62 miles per hour in 3.6 seconds, according to Bloomberg.
BYD said at the U9’s launch event that the two-door coupe will be available for delivery across the China market sometime in mid-2024.
It wasn’t immediately clear when the U9 will be available in other global markets. The Post has sought comment from BYD.
The Chinese automaker, known best for its affordable EVs, said earlier this month that it plans to unveil several luxury vehicles in the coming months as it looks to achieve a “leading position in the high-end market,” as it has in the contemporary market.
In the quarter ended Dec. 31, BYD dethroned Tesla as the top EV company.
Aside from targeting China’s massive population, BYD currently ships most of its EV models to Mexico and Costa Rica in North America, and select European markets that include the UK, Germany and Norway.
The vehicles are also available in Singapore, Thailand, the UAE, Japan, Australia and Brazil.
The Warren Buffet-backed carmaker zipped into pole position largely by undercutting Tesla’s hefty price tag.
For instance, Tesla’s fully electric midsize SUV, the Model Y, costs about $65,400, while BYD’s Atto 3 sells for between $48,880 and $51,011 depending on the battery size.
BYD also offers higher-volume models that cost much less than what Tesla charges for its cheapest Model 3 sedan in China.
However, BYD’s stock has yet to benefit: Year-to-date, the automaker’s Hong Kong-listed shares have fallen more than 12%.
Analysts have attributed the slide to concerns of waning demand in the EV market, which could push companies to cut prices and lower their profit margins.
At the time of writing, BYD was trading at $47.03 per share — 1.3% less than the previous trading day.